Executive Summary 2017 Thought Leaders Solutions Forum Harnessing the Power of a Multigenerational Workforce October 2-3, 2017 | Westin Kierland Resort & Spa | Scottsdale, Arizona, USA Presented by: Thank You The SHRM Foundation recognizes all of the Thought Leaders presenters, planning committee members and other supporters for generously donating their time and expertise to make this event a success. Major funding for this event was provided by the Society for Human Resource Management. 2017 Thought Leaders Solutions Forum Table of Contents Key Themes 4 Engaging the Multigenerational Workforce: Research Insights and Best Practices 7 Michael S. North, Assistant Professor, Management & Organizations, Stern School of Business, New York University Navigating the Legal and Practical Issues of an Age-Diverse Workforce 10 Jonathan A. Siegel, Shareholder & Attorney, Jackson Lewis P.C. Tom Mathews, SVP, Human Resources, Cree Renetta E. McCann, Chief Talent Officer, Leo Burnett Michael Poerksen, SHRM-CP, HR and University Relations Consultant Five Generations in the Workplace: Real-World Issues & Solutions 13 Neddy Perez, Principal Consultant, D&I Creative Solutions Longer Lives: Opportunities and Challenges for the Workplace 15 Ursula Staudinger, Founding Director, Robert N. Butler Columbia Aging Center The Workplace of the Future: New Ways to Engage Multiple Generations 18 Karie Willyerd, Head, Global Customer Education and Learning, SAP Integrating Millennials into the Workplace 22 Melissa Louis, Managing Consultant, Gallup Workplace Solutions Practice Disrupt Aging! The Business Case for Hiring & Retaining Mature Workers 25 Libby Sartain, Vice Chair, AARP Board of Directors Biographies 29 © 2017 SHRM Foundation. Created for the SHRM Foundation by BullsEye Resources, www.bullseyeresources.com. 3 2017 Thought Leaders Solutions Forum Key Themes from the 2017 Thought Leaders Forum Overview Key Takeaways As companies and workplaces undergo tremendous The workforce is undergoing radical transformation. transformations due to new technologies, workforces are also Two major factors driving changes in workforces and being transformed due to the presence of five generations workplaces are demographic inevitabilities and technological at work. Today’s workforce is truly multigenerational. This transformation. creates challenges due to different communication styles, • Demographics. There are now five generations repre- work practices, and expectations from employers, but it also sented in the workforce: Traditionalists, Baby Boomers, creates significant opportunities, as different generations Generation X, Millennials, and Gen Z. Each generation bring different experiences and skills. has different ways of communicating, different ways of Often overlooked is the tremendous value that older working, and different expectations from their employers workers can add. Myths and misconceptions abound that for compensation, benefits, and advancement. These older workers are not productive or innovative, are resistant differences between generations often result in tensions to change, are hard to work with, and expect higher pay. and miscommunications, but differences can provide The truth is that older workers tend to be reliable, loyal, opportunities for diversity and growth. productive, and open minded. Most older workers are open • Technology. Digital technologies are changing how people to change, are interested in learning new things, and can play communicate and work, and technologies such as Big significant roles in contributing to or leading teams. Employers Data, the Internet of Things, artificial intelligence, machine need to focus on recruiting older workers, providing flexible learning, and robotics are changing the skills that are work arrangements, and helping older workers—and all required in the workforce. These technologies are creating workers—continue to learn to stay current. By understanding anxiety that some work and workers will become obsolete. the tremendous value of older workers, organizations can take important steps in harnessing the power of a diverse, Millennials will soon comprise the majority of the multigenerational workforce. workforce. This generation is very different from other generations along multiple dimensions. Context By 2020, Millennials will account for 50% of the U.S. SHRM Foundation’s Solutions Forum was held on October workforce, and Millennials are rapidly moving into managerial 2 and 3, 2017, in Scottsdale, Arizona. This was SHRM positions. Due to this generation’s large number and signif- th Foundation’s 19 annual gathering of industry thought leaders. icant clout, Millennials are changing how organizations hire, Formerly known as the Thought Leaders Retreat, this event manage, and retain employees. has been rebranded as the Solutions Forum to highlight the Research has found that Millennials want significantly different goal of providing new strategies and solutions. things from their careers than other demographic groups. As part of SHRM Foundation’s overall focus on inclusion Millennials are focused on: issues, this Solutions Forum, “Harnessing the Power of a • Purpose, not paychecks. Multigenerational Workforce,” examined issues associated with multiple generations in the workforce, and particularly the • Personal development over satisfaction. aging workforce. • Coaching, rather than being a boss. © 2017 SHRM Foundation. Created for the SHRM Foundation by BullsEye Resources, www.bullseyeresources.com. 4 2017 Thought Leaders Solutions Forum • Engaging in ongoing conversations about performance However, there are myths, misconceptions, and stereotypes and development, not annual reviews. that create obstacles to hiring older workers. Common • Strengths, not weaknesses. obstacles include: • Life, not the job. • Ageism and discrimination against older workers, seen through a rise in age-related discrimination charges. There However, as important as Millennials are to the current and are examples of discrimination against older workers in future workforce, only 29% of Millennials are engaged at the algorithms used by job-search websites, in the way work. Some 55% are not engaged or are checked out and training dollars are allocated, and in the human biases in 16% are actively disengaged. To connect with Millennials at interviewing, hiring, and assessment processes. work, employers are encouraged to focus on: • Myths and misconceptions, including notions like “older • Setting clear performance goals and priorities. Millennials workers expect higher pay,” or “older workers are resistant whose managers help set clear goals are far more to change,” or “older workers are less innovative and less engaged. productive,” or “older workers are uncomfortable with • Accountability. When Millennials’ managers hold them technology.” These misconceptions are based on stereo- accountable, they are more likely to be engaged. types which are often untrue and are refuted by data and • Ongoing feedback and communication. Millennials want real-world experience. frequent, two-way communication. There are multiple practices and approaches that are • Opportunities to learn and grow. Lack of growth is a effective in creating a more powerful multigenerational primary reason that Millennials change roles. workforce. • Providing challenge. Millennials are motivated by challeng- Throughout this Solutions Forum multiple ideas were shared es and the sense of accomplishment at achieving things about ways to create an effective, high-performance multigen- that require perseverance and overcoming obstacles. erational workforce. Among these ideas were: • Understand what workers truly want. Too often employers Hiring and retaining older workers is an enormous guess at what workers want without speaking with them to untapped opportunity. understand what they want most. Older workers are making up a larger segment of the work- force than ever, a trend that is expected to continue in coming • Provide flexibility. There is not a one-size-fits-all solution decades as the proportion of people over age 65 continues for each generation or all employees. Employers need to grow. to understand what employees want and be flexible in providing it. This includes flexible hours and work arrange- There is a strong business case to be made for older workers. ments, locations, benefits, projects, and more. • Older workers are more engaged and motivated than their • Offer opportunities for continuous learning. The greatest coworkers. fear for employees is becoming obsolete. The solution is • Older workers tend to be more productive. continuous learning. • Older workers often have a wealth of knowledge to • Focus on recruiting older workers. Older workers often draw on. have rare, valuable skills that can provide significant • Older workers bring key baseline skills, such as profes- business value. Include age as part of the D&I strategy and sionalism, problem solving, and self-direction. create mixed-age teams. • Older workers will often accept lower pay in exchange for flexible hours or greater fulfillment. © 2017 SHRM Foundation. Created for the SHRM Foundation by BullsEye Resources, www.bullseyeresources.com. 5 2017 Thought Leaders Solutions Forum • Consider new HR tools and policies. New tools and poli- • Rethink growth and development. Long formal training cies can play a role in hiring, engagement, and retention. sessions are a thing of the past. Today’s reality is that For example, tools for hiring can include gamification tools workers